Seedstars holds first close on emerging market fund

• Backers include the International Finance Corp, Visa Foundation, The Rockefeller Foundation and Symbiotics
• Fund will invest in 100 pre-seed and seed stage companies across Asia, Africa, MENA and LATAM
• Expects to be invested over next three years

Seedstars has raised $20 million in the first close of its second emerging market seed-stage fund. The target is $30 million.

Seedstars International Ventures II’s backers include the International Finance Corporation, Visa Foundation, The Rockefeller Foundation and Symbiotics.

The fund will invest in 100 pre-seed and seed stage companies across Asia, Africa, MENA and LATAM in the next three years. Investments will be focused on companies building for the future of finance, commerce, health, work and education, with follow-on investments up to Series A.

Seedstars launched in 2013 and is based in Switzerland.

The firm’s predecessor fund invested in 81 companies in more than 30 countries.

“I have no doubt about the abundance of talented founders or the market opportunities, but the challenges can’t be ignored,” partner Charlie Graham-Brown said in a statement. “Our strategy innovates on so many levels to mitigate risk, be it through our country diversification, portfolio construction strategy, value creation platform, or the blended finance structure.”

Separately, Seedstars is set to formally debut Seedstars Capital, a fund platform for multiple regional and thematic funds. The platform’s first strategies include Seedstars International Ventures and Seedstars Africa Ventures, with more funds set to be announced shortly.

Seedstars Capital is the investment arm of Seedstars and acts as an alternative investment platform specialized in emerging and frontier markets.